Rebar prices in the local market in the United Arab Emirates decreased by 6.5% to 2351 dirhams per ton for the month of September, compared to 2516 dirhams per ton in August. This is the lowest level of iron in the UAE since the beginning of the year.
The Emirates-Arkan Steel Group announced fixing the prices of rebar for the month of September at 2351 dirhams per ton for its authorized distributors in the country. She emphasized that this price does not include any discount on the basis of quantities, nor does it include any additional fees on sizes or product grade or any other fees applied to the price of the product such as the additional cost of raw materials.
The group had fixed rebar prices for the months of August and July at 2,516 dirhams per ton, a decrease of 8.5% compared to June prices, which settled at 2,750 dirhams per ton, after declining by 13% compared to May prices, which hovered around 3174 dirhams per ton.
Rebar prices in the UAE rose in April by 21% to 3,120 dirhams per ton, compared to 2,587 dirhams per ton in March, which also achieved an increase of 4% compared to February and January, which recorded 2,488 dirhams per ton against the backdrop of the start of the crisis in Ukraine in The last week of February.
The sources linked this decline to several reasons, including the drop in global rebar prices, and the decline in the severity of the repercussions of the geopolitical crisis in Eastern Europe, on imports of raw materials from Russia, which began to restore normal export levels of raw materials and steel cubes “bilt” until before the special military operation in Ukraine, despite Western sanctions, added to the availability of new sources of import. Emirates Arkan Steel provides 65% of the local market’s needs of rebar, coils of iron wire, heavy structural sections and pivot panels. At the same time, the company continues to enhance its export markets, which now include 56 countries, an increase of 50% over 2019.